Gosuncn Technology Group approves employee stock plan, subsidiary guarantees

Gosuncn Technology Group announced the progression of its sixth employee stock ownership plan, which has met current legal and regulatory requirements. The plan aims to incentivize core employees in the automotive electronics communication business with up to 3,395,300 shares, representing 0.20% of the company's current share capital. Participants' funds will come from legal remuneration and self-raised capital, with a 36-month vesting period and a 24-month maximum lock-up period for two tranches.

In a separate development, the company's board approved guarantees for Gosuncn Electronic, its wholly-owned subsidiary. Gosuncn Technology Group will provide a joint liability guarantee for a RMB15m comprehensive credit facility from China Merchants Bank Guangzhou Branch and a RMB40m comprehensive credit facility from Ping An Bank Guangzhou Branch. Both guarantees cover a three-year period from the effective date of the agreements.

Additionally, Gosuncn Technology Group approved a separate RMB80m comprehensive credit line from Ping An Bank Guangzhou Branch for its own operational needs, with a term of one year. The total effective approved external guarantees for the company and its subsidiaries now amount to RMB315.2m, representing 11.94% of the company's latest audited net assets attributable to the parent.